Fish Master Premier Business Plan — Appendix B: Capital and Production Schedules
Detailed capital expenditure and production schedules covering tanks, greenhouse, hatchery, filtration and stocking cycles.
Appendix B: Capital and Production Schedules
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- Overview & contents
- i. Important Notice and Basis of Preparation
- 1. Executive Summary
- 2. Market and Positioning
- 3. Why the Hatchery Is the Business
- 4. Regulatory Position
- 5. The Production System
- 6. SWOT and Competitive Position
- 7. Route to Market
- 8. Management and Governance
- 9. Financial Plan
- 10. Break-Even and Debt Service
- 11. Investment Analysis
- 12. Sensitivity and Scenario Analysis
- 13. Risk Analysis
- 14. Implementation Roadmap
- 15. Key Performance Indicators
- 16. Key Assumptions
- 17. Conclusion and Recommendation
- A. Appendix A: Consolidated Financial Summary
- B. Appendix B: Capital and Production Schedules
- C. Appendix C: Funding, Debt and Grant Schedules
- D. Appendix D: Risk Register
- E. Appendix E: Glossary
- B.1 Qualifying capital expenditure and depreciation
- B.2 Project cost and funding
- B.3 Capital phasing and asset roll-forward
- B.4 Production and unit economics
B.1 Qualifying capital expenditure and depreciation
|
Item |
Amount (R) |
Life |
Annual depreciation (R) |
|---|---|---|---|
|
Grow-out tanks, tunnels and life support |
6 800 000 |
12 years |
566 667 |
|
Hatchery: broodstock, incubation, nursery, biosecurity |
4 200 000 |
12 years |
350 000 |
|
Solar, battery and backup generation |
2 400 000 |
15 years |
160 000 |
|
Water: borehole, storage, filtration, wetland |
2 100 000 |
15 years |
140 000 |
|
Processing, live-holding and cold chain |
1 300 000 |
10 years |
130 000 |
|
Site works, buildings, fencing and services |
600 000 |
20 years |
30 000 |
|
Qualifying capital expenditure |
17 400 000 |
1 376 667 |
B.2 Project cost and funding
|
Item |
Amount (R) |
Note |
|---|---|---|
|
Qualifying capital expenditure |
17 400 000 |
The base against which the cost-sharing grant is claimed |
|
Land preparation, permits and pre-operating costs |
1 400 000 |
R600 000 capitalised, R800 000 charged against reserves at inception |
|
Working capital and pre-revenue operating deficit |
6 800 000 |
Sized against R9 774 000 of cumulative operating cash consumption in Years 1 to 3 |
|
Total project cost |
25 600 000 |
|
|
Promoter and investor equity |
18 600 000 |
73% of project cost |
|
Term debt |
7 000 000 |
Eight years at 13.5% with a three-year principal grace |
|
Committed sources |
25 600 000 |
The enterprise can be built and operated on these alone |
|
Cost-sharing grant, anticipated |
4 000 000 |
Reimbursable, claimed in arrears; restores the cash buffer rather than enabling the build |
B.3 Capital phasing and asset roll-forward
|
R |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|---|---|---|---|---|---|
|
Opening balance |
— |
11 536 800 |
15 032 133 |
13 655 466 |
12 278 799 |
|
Capital expenditure |
12 528 000 |
4 872 000 |
— |
— |
— |
|
Depreciation charge |
(991 200) |
(1 376 667) |
(1 376 667) |
(1 376 667) |
(1 376 667) |
|
Closing balance |
11 536 800 |
15 032 133 |
13 655 466 |
12 278 799 |
10 902 132 |
|
Capitalised pre-operating costs |
540 000 |
480 000 |
420 000 |
360 000 |
300 000 |
B.4 Production and unit economics
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Harvest, tonnes |
25 |
70 |
110 |
138 |
150 |
|
Feed conversion ratio |
1.85 |
1.70 |
1.60 |
1.55 |
1.52 |
|
Feed cost per kilogram of fish, R |
47.18 |
43.35 |
40.80 |
39.52 |
38.76 |
|
Energy cost per kilogram, R |
17.00 |
13.50 |
11.50 |
10.50 |
10.00 |
|
Full production cost per kilogram, R |
197.8 |
119.8 |
101.0 |
93.8 |
91.6 |
|
Realised price per kilogram, R |
94.0 |
96.2 |
96.8 |
98.0 |
98.1 |
|
Margin per kilogram, R |
-103.8 |
-23.6 |
-4.2 |
4.2 |
6.5 |
|
Fingerlings sold |
— |
600 000 |
1 400 000 |
2 100 000 |
2 600 000 |
|
Fingerling contribution at R1.65 each, R |
— |
990 000 |
2 310 000 |
3 465 000 |
4 290 000 |